Shirley Advance, the joint venture between Helical Retail and Coltham Developments, has sold its Parkgate Centre in Shirley, near Solihull, to a fund managed by Moorgarth Group, a South African-backed investor, for £16 million.
The 195,000 sq ft scheme, which is anchored by ASDA on a long leasehold, opened in May 2014 and is fully let with retail occupiers including B&M, Peacocks, Shoe Zone, Poundland and Wed2B as well as leisure operators including The Gym, Loungers, Prezzo, Pizza Express, Coffee #1 and JD Wetherspoon.
Jonathan Cox, of Shirley Advance, said: “The development of Parkgate has made a significant positive impact on the local area, introducing a much needed shopping and leisure hub and delivering a social and community focus for the town.”
Birmingham law firm Emms Gilmore Liberson and agents Cushman & Wakefield acted on behalf of Shirley Advance in completing the deal.
Emms Gilmore Liberson property partner Mark Dakeyne said: “This acquisition confirms the growth of investment confidence in the regional market as the South continues to over-heat. My colleague Beth Margetson and I have worked with Shirley Advance on this project for 12 years, from when we were both at Wragge & Co, so it’s been a cradle to grave relationship and indeed something of a roller-coaster ride, with a planning appeal and the recession providing bumps along the way. Shirley Advance can be justifiably proud of its tenacity against sometimes challenging obstacles in creating a vibrant and independent new heart for Shirley within Solihull.”